The sharemarket reset a six-week low on Wednesday as risk-off sentiment hit Australia’s mining companies and investors sold off Woolworths.

The S&P/ASX 200 Index fell 0.1 per cent lower, or 11.2 points, to 8240 at the market close, its lowest closing point since January 15, as five of 11 sectors finished in the red. The All Ordinaries slipped 0.2 per cent.

Miners weighed on the bourse as the iron ore price fell again on Wednesday, as fears over global trade tensions weighed on commodity prices.

China worries

US President Donald Trump said he was considering tariffs on copper imports on Wednesday – just days after he told a government committee to curb Chinese spending on technology, energy and other key sectors in the US. The Singapore benchmark iron ore futures contract fell below $US105 a tonne on Wednesday.

The iron ore giants posted the biggest losses, with Rio Tinto dropping 3.4 per cent to $115.20, BHP lost 1.5 per cent to $39.71 and Fortescue 3.6 per cent to $16.86. A sharp sell-off in gold overnight also weighed on the sector. Evolution Mining lost 1.7 per cent to $6.12 and Newmont 2 per cent to $67.67.

Morningstar equity strategist Lochlan Halloway said Wednesday’s sell-off reflected broader concerns about China.

“It is more the direct effect of a slowdown in the Chinese economy that might come from more punitive tariffs on copper, and beyond copper, the implicit effect on iron ore and steel demand,” he said.

Woolworths also added to the malaise, dropping 3 per cent to $30.60 after the supermarket giant suffered a more than 20 per cent decline in first-half net profit. It lost $240 million in sales following three weeks of strikes at its distribution centres before Christmas.

A rally in banks helped stem the losses as bargain hunters flocked to the sector following a steep sell-off last week. Commonwealth Bank advanced 1.3 per cent to $156.20 and ANZ 1.4 per cent to $29.75, while Westpac and National Australia Bank posted more modest gains.

Investor focus will swiftly shift to Wall Street ahead of highly anticipated earnings from market darling Nvidia due on Thursday AEDT.

Stocks on the move

Energy stocks posted the index’s largest gains, buoyed by Woodside. The oil and gas explorer advanced 3.4 per cent to $24.85 after Citi upgraded the stock to “neutral”.

All eyes were on WiseTech, which swung between gains and losses as investors digested news that it had reinstated co-founder Richard White as executive chairman – a decision that saw four directors exit the company. The shares closed 2.1 per cent higher at $96.50.

Platinum Asset Management shares lost a fifth of their value on Wednesday, closing at 60¢ a share, after the company’s interim earnings fell by more than one-third to $29.9 million.

Gaming company Light & Wonder rose 7.8 per cent to $170.88, after profit lifted to $US480 million in 2024, buoyed by its gaming division’s gains in market share in North America and Australia.

Worley soared 10.3 per cent to $15.46 after the company announced a $500 million share buyback and delivered a 72 per cent jump in interim net profit to $183 million.

Flight Centre shares dropped 10.2 per cent to $15.92 despite underlying profit growing by 7 per cent to $117 million, as the travel booking service set a record for productivity through automation.

And PointsBet rocketed 32.5 per cent to $1.10 after two bidders, Japanese company Mixi and gaming rival BlueBets, emerged to buy the sports gambling provider.